Can a bank transfer be reversed?

chris1

A buyer wants to pay for a ‘cash on collection’ item by bank transfer, but I understand these can now be reversed (e.g. the buyer can say they sent it to the wrong account by mistake, etc.)

I suggested they send the cash with the person collecting but they refused. Am I right in thinking a bank transfer can be reversed?

I'd be grateful for your suggestions on how to resolve this.

Thanks.

soolin

chris1 wrote: »

A buyer wants to pay for a ‘cash on collection’ item by bank transfer, but I understand these can now be reversed (e.g. the buyer can say they sent it to the wrong account by mistake, etc.)

I suggested they send the cash with the person collecting but they refused. Am I right in thinking a bank transfer can be reversed?

I'd be grateful for your suggestions on how to resolve this.

Thanks.

No a bank transfer cannot be reversed, however in very extreme circumstances only it can be stopped on the same day as payment, but never once banking has closed for that day.

Bank transfers are wonderful for a seller, but completely unsafe for a buyer.